Budgetary guidelines bill moves Brazil’s fiscal goalposts

Brazil’s federal government on Monday disclosed details of its bill on the 2025 Budgetary Directives Law (LDO). As expected in recent press reports, the bill downgrades the projected fiscal surplus in 2025 to a zero-deficit goal, from a surplus of 0.5 percent of the GDP previously projected in the budgetary law enacted for this year.
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